The Barclays Developing Resilience Award: Berea Associates Limited

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Two-thirds of SMEs in the UK were victim to some form of cyber attack between 2014 and 2016, according to the Federation of Small Businesses. “A single incident in just one major supply chain could easily cause irreparable harm to our economy. And the repercussions for our communities would be swift and unwelcome,” says Aaron Yates, the chief executive of Berea, a company that since 2010 has been helping smaller businesses reduce their exposure to the often invisible threats posed by hackers.

With cybersecurity consultants charging more than £1,000 a day, many small businesses cannot get the support they need. Berea’s web-based business app, known as Cyber AMI, delivers the UK Government’s Cyber Essentials scheme without the expense of a consultant.

Compliance with the scheme can reduce their risk of common threats from the internet by 70% to 80%, helping small businesses to avoid incidents such as ransomware. Companies can take out a 12-month subscription to Cyber AMI, something which can be included in many insurance policies provided by a number of insurance underwriters. Given insurance brokers often struggle to talk to their clients about cyber risk, the app bridges the gap, directing small businesses towards better governance at their own pace.